15-Year vs 30-Year Mortgage: Cost Comparison Over Time -
Justin Reynolds
Key Takeaways
- Compare monthly payments, total interest, investments, inflation, and taxes
- Tailor results to cash flow, debt payoff, or net worth
- Discover the hidden differences between 15-year and 30-year mortgages
Choosing between a 15-year and a 30-year mortgage is one of the most impactful financial decisions you'll make. But how do you compare them side by side? Our mortgage comparison calculator reveals the true costs over time.
15-Year vs 30-Year Mortgage Comparison
Educational estimate only. Assumes a 24% marginal tax rate when the deduction toggle is on and that you itemize.
30-Year
- Monthly P&I
- $1,896
- Total interest
- $290,801
- Total cost
- $682,633
- Payoff year
- Year 30
- Inflation-adj. total cost
- $281,236
15-Year
- Monthly P&I
- $2,499
- Total interest
- $113,900
- Total cost
- $449,869
- Payoff year
- Year 15
- Inflation-adj. total cost
- $288,753
Investing the $603/mo difference at 7% for 15 years projects to $191,149 ($122,691 in today's dollars).
Payment vs Interest
Compare monthly payments and total interest saved with both loan terms.
Invest-the-Difference
See how investing the difference in monthly payments can boost your net worth over time.
Inflation
Adjust for inflation to get a clearer picture of the real cost of your mortgage over the long term.
Tax Effects
Toggle tax deductions on and off to see how they impact your monthly payments and total interest costs.
Borrower-Goal Fit
Compare results by cash flow, debt payoff, or net worth to find the mortgage that fits your financial goals.
Disclosure
Your results are based on estimated rates, non-guaranteed investment returns, inflation assumptions, and tax-deduction variability. Your actual costs may differ.
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